See how Obligo has helped Real Property Management® Heritage increase renewal rates by 24% and save 3 hours per deposit managed. “Obligo is not only a time saver, it’s a big differentiator for us. We’re attracting renters faster and units are closing faster. And it’s super simple."

About Real Property Management Heritage

Ben Nguyen is a single-family and townhouse property manager and owner of Real Property Management® Heritage in Houston, Texas. His team has been using Obligo since March 2020 to simplify the rental experience and provide residents with deposit-free living.

Ben’s Challenge: Saving Time& Accelerating Lease Closings

The old-school way of handling security deposits simply didn’t make sense for Ben’s team anymore. Like most property management companies, Ben's team was processing move-in's using cashier's checks and a considerable amount of time and manual effort. This included explaining cashier's checks to applicants, meeting renters all over the city to receive and deposit checks, and manually updating their PMS. ACH solutions are available, but the funds are not certified, so they are not effective for large move-in payments.

At move-out, time was spent processing any deductions, tracking down renter forwarding addresses and then printing and mailing checks. Prior to implementing Obligo, the real Property Management® Heritage team was spending an estimated 3 hours of deposit-related admin for each lease.

But security deposit management was not only a time consuming hassle; it was also hurting Ben's ability to lease units quickly. Sending a prospective renter to physically get a cashier's check proved to be one of the easiest ways to lose a deal.

Ben wanted a solution that would help accelerate move-in payments and deposit refunds, but just as importantly, he knew Obligo’s flexible security deposit
alternative would help make his properties stand out and attract more renters.

A Simple & Seamless Solution

In evaluating security deposit solutions, Ben said, “First and foremost, Obligo is not an insurance product. That was huge for me. Obligo’s solution is easier to understand than any other product out there. Since Obligo provides certified electronic move-in payments and full
protection up to the security deposit amount, there’s no risk on our side. The implementation was as simple as set it and forget it.”

To qualify for Obligo, renters provide one or more billing authorization methods (i.e. a bank account or credit card). We connect to these accounts in real-time to ensure that a renter would have the ability to repay any end-of-lease charges. In exchange for a small fee to Obligo, qualified renters keep their cash throughout the duration of the lease.

Our secure billing authorization then enables owners and managers to charge renters up to the established deposit amount at the end of their
lease. Property managers can only charge up to this amount for damages or missed rent, and unreasonable charges may be disputed, just like a traditional deposit.

After Ben’s team provides access to basic lease information from Appfolio, Obligo handles the rest, inviting renters to live deposit-free or pay a traditional deposit if they prefer. In both cases, the move-in payments are seamlessly processed via the Obligo platform.

Real Property Management Heritage’s Results

Today, 71% of Real Property Management® Heritage’s residents now choose to live deposit-free with Obligo, saving Ben’s team hours upon hours of admin time.

“Most residents say that this was a deciding factor in choosing our rental,” said Ben. “It also increases our renewal rates, as residents prefer deposit-free rentals versus moving and handing over a large cash deposit at another property.” Prior to implementing Obligo, the average Real Property Management® Heritage resident renewal rate was 38.4%. Since then, the average renewal rate has increased to 47.6%, a 24% boost. While renewal rates are influenced by a number of factors, Ben attributes the increase primarily to the deposit-free experience his residents have
using Obligo.

Providing renters with flexibility and choice is an important part of RPM Heritage’s mission. Whether a renter is using Obligo’s deposit alternative, free certified electronic payments service, or repaying a balance with interest-free installments, they are saving time and money when they rent with Real Property Management® Heritage. “We put cash back in the hands of people that really need it,” said Ben. “We are stewards as business owners and by using Obligo we can be inclusive to all renters. We want renters to feel good about that.”

Key Benefits for Real Property Management Heritage

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Operational Efficiency
Eliminated security deposit management while staying fully protected. Obligo handles
all move-in payments in a single sleek experience, instantly and paperlessly.

A Better Resident Experience
An Obligo-powered experience provides renters with flexibility, peace of mind and
financial freedom.

Improved Performance
Deposit-free living attracts renters, boosts retention, and reduces vacancies.

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